Liberal Democrat VAT bombshell explodes in Vince Cable's face

Earlier in the week the Liberal Democrats launched a poster, warning of a VAT bombshell if the Conservatives won. Cross-examined by BBC1's Politics Show today the Liberal Democrats' Treasury spokesman admitted that the idea of a £389 bombshell was conjecture and conceded that he couldn't rule out a hike in VAT. Transcript below.

JON SOPEL: I mean let’s leave aside whether or whether not there is a black hole in the Tories' finances. Leave that to one side. You don’t know factually, that they are going to raise VAT. That is your conjecture.

VINCE CABLE: It is a conjecture and it’s a reasonable assumption and I wouldn’t claim anymore than that.

JON SOPEL: And that £389 is a rough figure plucked –

VINCE CABLE: It’s a ball park estimate of what it would require in order to fill that gap, and it seems a reasonable way of expressing that argument."